East End median sales prices have jumped nearly 20 percent in a year, some market reports have shown. But that’s not the only fast-growing figure when it comes to Hamptons real estate. Our Hamptons issue ranks the largest residential brokerage firms on the East End. The 10 biggest brokerages have a total of 1,421 real estate agents — up from 1,277 in 2013, an 11 percent increase.
And while the high-end Manhattan market is also on fire, hundreds of million dollar and multi-million dollar properties tend to linger, sometimes for years. In “Luxury Lingerers,” TRD look at 10 Manhattan properties priced over $20 million that are struggling to escape the sales block. The penthouse at 60 Warren Street, listed for $24.5 million, has sat on the market for a whopping 1,449 days.
Meanwhile, the lawyers involved in high-profile Manhattan real estate deals don’t come cheap. Our review of legal services in the city show that top-tier real estate lawyers charge $1,000 to $1,250 an hour. Jonathan Mechanic, partner at law firm Fried, Frank, Harris, Shriver & Jacobson, earns about $1,110 an hour, for example.
We also look at how Alicia Glen, the city’s new deputy mayor for housing and economic development, is alleviating concerns that Mayor Bill de Blasio is opposed to development.
There’s lots more in the issue, including stories about Midtown office landlords working to fill mega-blocks of vacant space, the apparent rise of “whisper listings” at various levels of the market, and the sharp decline of Downtown asking rents for commercial space.
Finally, in our Closing interview, Related Companies chairman Stephen Ross talks about yachting in the Mediterranean, and getting fired from Bear Sterns and Laird within a two-year period.
To access the issue, click here or on the “Magazine” tab at the top of the website.
Happy reading! – Mark Maurer